Key statistics:

• The market for credit cards in India now exceeds 119 million active cards.
• HDFC Bank holds a market share of 22.2% in card issuance.
• SBI Cards accounts for 18.7% of the total cards.
• PSU Banks have seen their spending increase by 17% compared to last year.
• The average spending per card for PSU Banks reached ₹16,847.

The growth in PSU Banks’ spending is notable. Their share now constitutes 72.6% of total card spending. This marks an important shift as private banks saw a decline in average spending by 4%, dropping to ₹18,948.

HDFC Bank continues to dominate with a transaction value market share of 29.8%. Meanwhile, SBI Cards holds a transaction value share of 19.3%. These figures indicate a competitive landscape among banks.

To attract new customers, PSU Banks have implemented various strategies aimed at increasing their appeal. They are focusing on enhancing customer engagement and offering better services.

The increase in the credit card base reflects changing consumer behavior and growing acceptance of digital payments across India. As more consumers embrace credit cards, banks are adapting to meet this demand.

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In recent years, Indian banks maintained relatively stable interest rates, with expectations of gradual adjustments based on market conditions. However, as of April 2026, a significant shift has occurred as banks raised interest rates to levels not seen in the last two years. This change is primarily driven by liquidity shortages and a credit-deposit imbalance.

As of February 2026, credit growth was recorded at 13.7%, while deposit growth lagged behind at 10.9%. This disparity has led to a loan-to-deposit ratio reaching a high of 82.5%, prompting banks to take decisive action to attract more funds.

In response to these challenges, banks have turned to Certificates of Deposit (CDs) as a means to raise funds. CSB Bank has set an interest rate of 8.32% for 91-day CDs, while Ujjivan Small Finance Bank and Equitas Small Finance Bank are offering rates of 8.25%. HDFC Bank and IDBI Bank have also entered the fray, providing short-term funds at an interest rate of 7.6%.

The difference between three-month CD rates and Treasury Bill rates has widened to 210 basis points, the highest since March 2020. This increase reflects the growing demand for higher returns on deposits as banks seek to bolster their liquidity.

Investments in CDs have surged to ₹6.64 lakh crore, marking a remarkable growth of 75% over the last two years. This trend indicates a strong appetite among investors for higher yielding instruments amid the current economic climate.

However, the rise in funding costs has raised concerns about the future profitability of banks. Fitch Ratings has predicted that if these costs continue to rise, net interest margins (NIMs) could decrease by 20-30 basis points by FY27. This potential decline in profitability adds another layer of complexity to the banking landscape.

Experts note that the current increase in interest rates has surpassed seasonal changes, indicating a more profound shift in the banking sector. The liquidity crunch that has prompted these adjustments is expected to persist until FY27, further complicating the financial environment for banks.

As the banking sector navigates these challenges, the implications for both banks and consumers are significant. Higher interest rates may benefit depositors seeking better returns, but they could also lead to increased borrowing costs for consumers and businesses.

In summary, the recent changes in interest rates reflect a critical response to ongoing liquidity challenges within the Indian banking sector. The situation remains fluid, and the long-term effects of these adjustments will be closely monitored by industry experts and regulators alike.

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On April 1, 2026, banks across most of India will be closed for the annual account closing. This closure affects major banks including the State Bank of India, Punjab National Bank, Bank of Baroda, HDFC Bank, ICICI Bank, and Axis Bank.

All scheduled commercial banks will observe this holiday, with branches reopening on April 2, except in Kerala, where business will be suspended due to Maundy Thursday. In total, banks in six states—Mizoram, Sikkim, Nagaland, Jharkhand, Meghalaya, and Himachal Pradesh—will remain open.

Digital banking services such as ATMs and UPI will operate normally on April 1, although customers should be aware that cheque clearance and settlement-linked transactions may experience delays due to the year-end closing.

April is known for having several bank holidays, including Maundy Thursday and Good Friday, which adds to the number of days banks may be closed. In fact, the maximum number of days banks could be closed in April 2026 is 14.

As one bank representative noted, “If you tried visiting your bank branch on Wednesday and found it locked, you are not alone — and there is nothing wrong with your account.” This highlights the understanding that the closure applies only to physical branch counters.

For most customers, the day will pass without any real disruption, as digital banking options remain available. The Reserve Bank of India (RBI) classifies bank holidays under three categories: the Negotiable Instruments Act, RTGS holidays, and Banks’ Closing of Accounts.

April is one of the busier months on the bank holiday calendar, and customers are advised to plan their banking activities accordingly. Notably, the dates of other significant holidays in April include Good Friday on April 3, Basava Jayanti on April 20, and Akshaya Tritiya on April 19.

As the date approaches, customers are encouraged to stay informed about their banking needs and the operational status of their local branches. Details remain unconfirmed regarding any last-minute changes to the holiday schedule.

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Atanu Chakraborty has resigned as chairman of HDFC Bank, a move that has triggered an 8.7% drop in the bank’s stock and erased $16.3 billion in market value over three trading sessions.

In his resignation letter, Chakraborty cited a “mismatch between my values and the bank’s,” although he did not provide specifics regarding the internal practices he found conflicting.

The Securities and Exchange Board of India (SEBI) is currently reviewing Chakraborty’s resignation letter for potential rule violations and is examining the fiduciary duties of the bank’s directors in relation to its internal practices.

HDFC Bank, recognized as one of India’s three systemically important banks, has engaged external legal firms to conduct an independent review of the concerns raised by Chakraborty.

The abrupt resignation and subsequent stock decline have raised alarms among investors and analysts, who are closely monitoring the situation.

Observers expect that the findings from SEBI’s review could have significant implications for HDFC Bank’s governance and operational practices.

Chakraborty’s departure marks a notable change in leadership for the bank, which has been a key player in India’s financial sector.

Details remain unconfirmed regarding the specific internal practices that led to Chakraborty’s resignation, but the situation continues to develop as stakeholders await further information.

The impact on HDFC Bank’s reputation and market position will likely depend on the outcomes of the ongoing reviews and the bank’s response to these challenges.

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Atanu Chakraborty has resigned as Part-time Chairman and Independent Director of HDFC Bank effective March 18, 2026. In his resignation letter, Chakraborty cited concerns over certain practices within the bank that he felt did not align with his personal values and ethics.

The bank confirmed that there were no other material reasons for Chakraborty’s resignation beyond those he stated. Following his departure, Keki Mistry has been appointed as interim Part-time Chairman for a period of three months, starting March 19, 2026.

Chakraborty joined the Board of HDFC Bank in May 2021 and played a significant role during his tenure, which included overseeing the merger of HDFC Bank with HDFC Ltd. This merger resulted in the creation of a conglomerate under HDFC Bank, making it the second largest bank in India.

Chakraborty, a retired IAS officer, has over three decades of experience in public policy and financial administration. He previously served as Secretary in the Department of Economic Affairs under the Ministry of Finance.

In his resignation letter, Chakraborty remarked, “Certain happenings and practices within the bank, that I have observed over the last two years, are not in congruence with my personal values and ethics.” He further confirmed, “I confirm that there are no other material reasons for my resignation other than those stated above.”

He described the merger as a momentous development, noting that while it made HDFC Bank the second largest bank in the country, the benefits of the merger are yet to fully fructify.

The nature of Chakraborty’s remarks in his resignation letter has raised questions about the bank’s governance standards. Investors and analysts will be closely monitoring for further clarity from HDFC Bank or regulators regarding the concerns he flagged.

The Reserve Bank of India has approved Keki Mistry’s appointment as interim chairman following Chakraborty’s resignation. This transition comes at a critical time as the bank navigates the implications of its recent merger and the internal challenges highlighted by Chakraborty.

Chakraborty’s resignation has drawn significant attention to internal practices at HDFC Bank, prompting discussions about governance and ethical standards within the organization.

Details remain unconfirmed.

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HDFC Bank’s share price has dropped approximately 4.40%, trading at Rs 746.10 on the Bombay Stock Exchange (BSE) as of 1:16 pm. This decline is part of a larger trend, with the stock falling nearly 11% over the last five sessions and over 19% in the past month, hitting a 52-week low of Rs 745.40 in early trading.

The recent downturn in HDFC Bank’s stock can be attributed to a combination of governance concerns, leadership changes, and regulatory issues. Atanu Chakraborty, the bank’s chairman, resigned citing differences related to personal values, ethics, and internal practices. Following his resignation, Keki Mistry has been appointed as the interim non-executive chairman for three months.

Additionally, the bank faced significant internal challenges, including the termination of three senior employees linked to the alleged mis-selling of Credit Suisse AT-1 bonds. These events have contributed to a loss of confidence among investors, leading to a market capitalization drop of ₹1.34 lakh crore.

HDFC Bank’s stock has now decreased by almost 25% over the past three months. Currently, the bank is trading at a price-to-earnings (PE) ratio of 16.48 and a price-to-book (P/B) ratio of 2.3. The decline has raised concerns among investors, leading to lawsuits against the bank.

Despite these challenges, the Reserve Bank of India has stated that it does not see material concerns regarding the bank’s overall conduct or financial position. However, the Dubai Financial Services Authority has barred HDFC Bank from onboarding new clients in Dubai, further complicating the bank’s operational landscape.

According to Axis Securities, “Execution continues to be strong, though recent developments could delay any near-term re-rating of the stock.” HDFC Bank’s management, led by Sashidhar Jagdishan, has expressed a commitment to maintaining transparency and resolving all issues, whether previously identified or newly emerging.

As the situation develops, the board plans to revisit past actions, pinpoint any shortcomings, and implement corrective measures where required. Investors are closely monitoring these changes, as the bank’s future performance remains uncertain.

Details remain unconfirmed regarding the long-term impact of these leadership changes and regulatory challenges on HDFC Bank’s share price.

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The Indian stock market broke a three-day decline with a strong recovery on March 16, 2026. Prior to this development, investors were concerned about the persistent downward trend, which had raised questions about the sustainability of the market’s growth.

On this decisive day, the BSE Sensex closed at 75,502.85, up by 938.93 points or 1.26%. Similarly, the NSE Nifty 50 closed at 23,408.80, marking an increase of 257.70 points or 1.11%. This marked a significant turnaround, driven by factors such as ‘value buying’ and improvements in the auto sector.

Among the major players, HDFC Bank emerged as the top gainer on the Nifty, with an increase of about 2.9%. In contrast, IDBI Bank faced a considerable decline of 16.6%, highlighting the mixed performance across the sector. ICICI Bank also showed resilience, closing with a strength of 1%.

The auto index saw a relief increase of 1.7% after a prior decline of about 10.6% the previous week, suggesting a potential recovery in that sector. However, midcap and smallcap indices fell by 0.3% and 0.5% respectively, indicating that not all segments of the market are experiencing the same recovery.

Despite the positive momentum, challenges remain. Brent crude oil prices reached $104.40 per barrel, which poses a risk for the Indian economy. Analysts note that if oil prices remain at this level, there is a risk of increasing fiscal deficit.

Market experts advise investors to focus on quality large-cap stocks in SIP mode, as the market is likely to remain volatile due to rising crude oil prices. The Nifty showed strong support in the 23,100–23,200 zone, but it needs to close above 23,550 for a real bullish trend.

As the market navigates these changes, the strategy is currently to ‘Wait and Watch’. Details remain unconfirmed regarding whether this recovery is sustainable or just a temporary bounce. The coming days will be crucial in determining the market’s direction.

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HDFC Bank shares have experienced a notable decline, dropping 4% to reach a 52-week low of ₹821.50. This downturn reflects broader market pressures, as the Bank Nifty index also fell by 4% during the same trading session.

Following this low, the stock managed to recover slightly, trading at ₹834.20, which still marked a 3% decrease from the previous close of ₹857.05. The stock opened at ₹825.00, indicating a decline of 3.74% from the prior day’s closing price.

In total, HDFC Bank recorded a significant trading volume of 1.17 crore shares, with a total traded value of approximately ₹97,081 lakhs. The last traded price stood at ₹829.35, reflecting a day’s loss of 3.16%.

The recent decline in HDFC Bank shares extends a phase of underperformance, driven by concerns surrounding margin pressures and challenges in deposit mobilization. Despite these challenges, Kotak Institutional Equities has upgraded HDFC Bank to a ‘buy’ rating, setting a target price of ₹1,050.

Kotak Institutional Equities noted, “At current levels, downside risks appear fairly limited,” suggesting that the stock may have reached a point of stabilization.

Despite the decline, analysts remain optimistic about the lender’s long-term outlook and earnings growth. HDFC Bank’s performance, while negative, was marginally better than the sector average, indicating relative resilience in a challenging environment.

Investors are advised to weigh the current bearish technical signals against the bank’s long-term growth prospects and its positioning within the sector. The overall sentiment remains cautious, with market dynamics influencing short-term performance.

Details remain unconfirmed regarding any further developments that may impact HDFC Bank’s share performance in the upcoming trading sessions. As the market continues to fluctuate, stakeholders are closely monitoring the situation for signs of recovery or further decline.

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On a recent trading day, ICICI Bank recorded a total traded volume of 58,08,170 shares, with a traded value of ₹7,351.11 crores. The stock opened at ₹1,272.7, reflecting a decline of 3.1% from the previous close.

As the day progressed, ICICI Bank’s last traded price (LTP) was noted at ₹1,264.4 as of 09:44:47 IST. The stock touched an intraday low of ₹1,251.1, which is 4.74% above its 52-week low of ₹1,208.

Market Performance

The private sector banking sector experienced a decline of 3.48% on the same trading day, contributing to a cumulative loss of 9.74% for ICICI Bank over six consecutive trading days. This downward trend has raised concerns among market participants.

Despite the challenges, ICICI Bank’s market capitalisation stands at ₹9,40,049 crores. The bank’s Mojo Score is currently 54.0, with a Mojo Grade of ‘Hold’ as of February 6, 2026, indicating a cautious outlook.

Investor Sentiment

Investor sentiment appears to be shifting, as evidenced by Capitalmind Flexi Cap Fund’s decision to reduce its exposure to ICICI Bank in February. This move aligns with a broader strategy of reallocating investments, including increased stakes in BPCL and Federal Bank.

Furthermore, Probal Sen, an Energy Analyst at ICICI Securities, noted that “upstream oil companies would be the only investible subsegment in the Indian energy sector under a scenario where the net realization level of oil is at US$75 a barrel.” This perspective highlights the complexities of the current market environment.

As of now, ICICI Bank’s price action remains under pressure, trading below all key moving averages. However, the stock’s liquidity remains robust, with the traded value comfortably supporting trade sizes up to ₹51.48 crores based on 2% of the five-day average traded value.

ICICI Bank’s recent Mojo Grade upgrade from ‘Sell’ to ‘Hold’ suggests that while the stock is not currently favoured for aggressive buying, it remains a key player with potential for recovery should market conditions improve. Market participants will continue to closely monitor ICICI Bank’s performance as a barometer for the broader financial landscape.

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HDFC Bank shares have recently declined by 4%, reaching a 52-week low of ₹821.50. This drop reflects ongoing market pressures and investor concerns regarding the bank’s performance.

Following this decline, the stock managed to recover slightly, closing at ₹834.20, which is still down 3% from the previous close of ₹857.05. On the same day, the Bank Nifty index also fell by 4%, indicating broader market challenges.

Despite the downturn, Kotak Institutional Equities has upgraded HDFC Bank to a ‘buy’ rating, setting a target price of ₹1,050. This optimistic outlook suggests that analysts believe in the bank’s potential for recovery and growth.

During this trading session, HDFC Bank recorded a total traded volume of 1.17 crore shares, with a total traded value of approximately ₹97,081 lakhs. The stock opened at ₹825.00, reflecting a decline of 3.74% from the previous close, and ultimately settled at ₹829.35, marking a day’s loss of 3.16%.

The recent decline in HDFC Bank shares extends a phase of underperformance, primarily driven by concerns surrounding margin pressures and challenges in deposit mobilization. As noted by analysts, “HDFC Bank continues to face liability-side constraints that justify a relatively lower valuation multiple.”

Despite these challenges, there remains a degree of optimism regarding the bank’s long-term outlook and earnings growth. Analysts emphasize the importance of weighing the current bearish technical signals against the bank’s growth prospects and its positioning within the sector.

Market sentiment appears cautious, with some investors expressing concern about the considerable selling pressure on the stock. However, the overall sentiment among analysts suggests that the bank’s fundamentals may support a recovery in the future.

As the situation develops, investors will be closely monitoring HDFC Bank’s performance and any further updates from analysts regarding its potential for growth. Details remain unconfirmed regarding the bank’s strategies to address the current challenges.

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